FOF市场热度重燃 这类产品又火了！

Core Insights - The FOF (Fund of Funds) market has seen a significant resurgence, with issuance reaching 83.828 billion units by December 28, marking the second-highest record since its inception in September 2017 [1][2][12] - The total number of FOF products has reached 549, with a total scale of 237.763 billion yuan, surpassing the previous peak of 233.962 billion yuan in February 2022 [2][12] - The shift in investor sentiment from avoidance to active allocation has been notable, particularly among institutional and ordinary investors [3][14] Market Dynamics - The FOF market has rebounded after three years of decline, with 87 new FOFs established this year, compared to only 404.11 million units in 2022 and 234.24 million units in 2023 [2][12] - The market environment has driven a demand for diversified asset allocation, with FOFs capitalizing on opportunities in various asset classes such as Hong Kong stocks, commodities, and REITs [4][15] - The strategy of FOFs has evolved from a broad selection of funds to a more focused approach, particularly with the rise of bond-oriented FOFs that cater to risk-averse investors [4][15] Investor Behavior - Institutional investors have shown a marked increase in FOF allocation, with insurance companies and banks transitioning from passive selling to actively promoting these products [3][14] - Ordinary investors are extending their holding periods and increasingly reallocating funds from maturing bank products to bond-oriented FOFs, reflecting a shift in risk tolerance [3][14] - The perception of FOFs has transformed from being avoided to being actively sought after, as investors recognize the benefits of diversified investment strategies [3][14] Supply and Demand Factors - The combination of a favorable policy environment, such as tax incentives for pension-targeted FOFs, and visible positive returns has created a virtuous cycle of inflows into FOFs [5][16] - The ongoing decline in domestic interest rates has led investors to seek higher returns, further driving demand for FOFs as a professional asset allocation tool [5][16] - Leading asset management firms are expanding their FOF offerings by incorporating a wider range of asset classes, enhancing risk diversification and return potential [5][16] Future Trends - The FOF market is expected to evolve towards more precise and specialized strategies, moving away from broad-based approaches to focus on niche areas such as retirement-targeted funds and low-volatility products [19][20] - The anticipated growth in FOFs will likely include innovative products like ETF-FOFs, which aim to meet diverse investor needs through enhanced strategies and asset classes [18][20] - The competitive landscape will see a dual focus on both large firms leveraging their brand and research capabilities, and smaller firms carving out market share through differentiated offerings [19][20]